Please help with 3 Citi short sales

I have just lost 3 deals because of CitiMortgage. First, they refuse to release the lien once the payoff is satisfied. Second, an FHA loan, because homeowner moved out over 18 months ago. It was a 2 bedroom condo with 1 bathroom he purchased when he was single. He tried selling it for 3 years. He got married and gained a family. They needed a bigger place to live. Third, Freddie Mac loan, countered the buyer's offer at $20,000 higher than current market value. Buyer walked after 4 months of waiting for the value to come back.

I do a lot of short sales with many different lenders. I am 95% successful. I find this very strange that CitiMortgage is the only lender causing issues.

Does anyone else have consistent problems with City short sales? Does anyone have suggestions as to what I can do? I have escalated the first 2 scenarios. Still waiting for a response on the lien release, escalation still denied the short sale because of the 18 month vacancy.

Citi will not disclose the amount of the value so it makes it difficult to appeal.

Please HELP!

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Replies to This Discussion

Permalink Reply by Ben Benita on January 5, 2013 at 11:08pm

send me an e-mail [email protected] can help.

Have been doing short sales since 2005, have a BIG database with bank contacts including CITI (who normally is very easy to work with)

Shoot me a quick email and we can make a game plan for you so you get PAID and your Sellers avoid foreclosure.

All my best to everyone battling the banks.

Permalink Reply by TOP END Properties on January 11, 2013 at 5:51pm

- Isn''t the lien release done AFTER closing?

- This may be able to slide if the borrow HAD to move (i.e. job) .. you;; have to look into this further I would also call HUD and find out more options/reasons.

- 1) Try to dispute the BPO by getting a copy and scrutinizing it. 2) Try submitting your own BPO. 3) If that does not work, then raise the price to 'try' and work with their number. 4) Depending on the program .. you might be eligible for a new valuation after a certain amount of time.

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